Maynard v. Sixth National Bank
Supreme Court of Pennsylvania
June 2d 1881. Before Sharswood, O. J., Mercur, Gordon,Paxson, Trunkey, Sterrett and Green, JJ. Error to the Court of Common Pleas of Jjyeomvng cownty : Of May Term 1881, No. 137. This was an action of assumpsit by the Sixth National Bank of Philadelphia against Guy W. Maynard, Peter Herdic and John W. Maynard, trading as G. W. Maynard & Co., upon a note made by defendants September 14th 1877, for $2,500, payable four months after date, to the order of William Stoddard,…
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June 2d 1881. Before Sharswood, O. J., Mercur, Gordon,Paxson, Trunkey, Sterrett and Green, JJ. Error to the Court of Common Pleas of Jjyeomvng cownty : Of May Term 1881, No. 137. This was an action of assumpsit by the Sixth National Bank of Philadelphia against Guy W. Maynard, Peter Herdic and John W. Maynard, trading as G. W. Maynard & Co., upon a note made by defendants September 14th 1877, for $2,500, payable four months after date, to the order of William Stoddard, manager, and indorsed by William Stoddard, manager, and by DBh Houtz. Defendants filed an affidavit of defense averring that…
1Opinion of the CourtJustice Paxson
It is an undisputed fact in this cause that the note in controversy was held by the plaintiff below merely as collateral security for an antecedent debt. It was not, therefore, a holder for value, and the defendants were entitled to set up aijy defense they had against the payee. Our books are full of authorities upon this point. It is sufficient to refer to Kirkpatrick v. Muirhead, 4 *253Harris 117; 9 Harris 237 ; Lenheim v. Wilmarding, 5 P. F. S. 73.
Upon the trial below, the learned judge rejected the evidence offered by the defendants, and referred to in the first, second and third…
2Cited by4 opinions
- Callendar v. KellySupreme Court of Pennsylvania · 1899
- Crawford v. Dollar Savings Fund & Trust Co.Supreme Court of Pennsylvania · 1912
- Litcher v. North City Trust Co.Superior Court of Pennsylvania · 1933
- Philadelphia v. ArmstrongSuperior Court of Pennsylvania · 1901